According to a Wednesday statement, Stronghold Digital Mining (SDIG), raised its year-end Bitcoin mining computing capacity forecast from 3 EH/s to 4.

The company’s fourth quarter net loss increased by 45% to 74.9 cents per share, compared with the previous year.

From a range of $108 million to $114 million, the company has increased its 12-month revenue forecast from $108 million to $129 million to $129 million. Mining profitability is defined as the hashprice per terahash/second (TH/s). It previously stated that it expected a havehprice of around 9 cents/TH/s. One million terahash is an exahash.

In Wednesday morning trading on Nasdaq, the miner’s shares rose by 6%

The fourth quarter revenue of $23.4million was primarily driven by energy sales to the power grid and not crypto mining. Two coal plants are owned by the miner in Pennsylvania. They use coal refuse, which is a pile of fossil fuel that was left over from the physical mining process.

Bitcoin mining revenue fell 35% compared to the quarter before, as Stronghold returned equipment from lenders to reduce debt. It also reduced operations during high energy demand in order to sell power to grid.

Matthew Smith, Chief Financial Officer, explained on the earnings call that increased use of renewable energy can have the effect of increasing electricity prices during certain periods and decreasing them during others. Stronghold is trying to exploit this to its advantage.

Smith stated that Smith is creating a grid that’s a bit less stable as we take out baseload fossil fuel plants to be replaced with intermittent wind and sun assets. “So power can be as cheap as $0.

He said, “We are in a great place to take advantage what is rapidly becoming a new reality at the power market.”

Stronghold has been taking steps to lower its debt levels in recent months. It reached an agreement with an electrician to extinguish $11.4million in exchange for a $3.5million subordinated note, and 3,000,000 warrants. The firm also closed its exchange agreement in February. Under this agreement, convertible notes can be redeemed by stock. It also extinguished $16.9m of principal and $1million of accrued interests. It had $59.8million in outstanding debt as